Argan oil is manufactured from nuts obtained from the Argan tree, which grows only in Southwestern Morocco. These are hand-extracted from hard-shell, hand-kneaded for hours, hand-ground in stone grinder, and then cold-pressed into oil. One liter of argan oil requires the hardship of three days by one woman. Therefore, argan oil is a valuable product, which can be sourced naturally as well as organically.
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There has been a rise in shifts of consumer preferences towards botanical and herbal ingredients in various products ranging from medical, food to cosmetic products, which in turn is fuelling adoption of essential oils such as argan oil across the globe. As a food ingredient, the argan oil plays a vital role in boosting energy of people with low metabolism, heart problems, and vitamin deficiency. Cosmetic producers are utilizing argan oil for anti-aging and moisturizing effects in beauty products. This is highly attributed to properties of argan oil in overcoming issues including stretch marks, scars, acne, inflammation, and fine lines. In addition, argan oil also exhibits savory and pharmacological properties. The aforementioned factors are expected to augment growth of the global argan oil market.
14 Key Projections for the Global Argan Oil Market
- By form type, absolute argan oil is estimated to remain preferred in the global market. Revenues from sales of absolute argan oil are anticipated to account for more than one-third market share throughout the forecast period.
- Argan oil blends are projected to remain the second most lucrative form of argan oil. Sales of argan oil blends and absolute argan oil are expected to exhibit a parallel expansion at similar CAGRs through 2022.
- Natural argan oil will remain sought-after in the market among consumers. Sales of natural argan oil are expected to hold nearly three-fourth revenue share of the market during the forecast period.
- Demand for organic argan oil is expected to remain comparatively lower than that for natural argan oil during 2017 to 2022.
- Argan oil are expected to witness the largest application in food & beverages, with sales expected to reach nearly US$ 1,600 Mn in revenues by 2022-end.
- Aromatherapy will remain the second largest application of argan oil.
- Argan oil sales for application in fragrances will continue to exhibit a sluggish expansion through 2022.
- Europe will remain dominant in the global market for argan oil, with sales projected to register the fastest expansion through 2022.
- North America is estimated to remain the second most lucrative market for argan oil.
- The argan oil market in Middle East & Africa (MEA) will register a sluggish growth throughout the forecast period.
- The market for argan oil in Asia-Pacific excluding Japan (APEJ) will continue to exhibit a moderate growth through 2022.
- Argan oil sales in online distribution channel are expected to register the fastest expansion through 2022.
- Argan oil sales in specialty stores are anticipated to reflect the lowest CAGR during 2017 to 2022. However, specialty stores are projected to remain the second most lucrative distribution channel for argan oil.
- Modern trade is anticipated to remain dominant distribution channel in the global argan oil market.
Competition Tracking
The report has projected that companies such as Plant Therapy Essential Oils, Green Fields Oil Factory, Lionel Hitchen Essential Oils, Aromaaz International, IL Health & Beauty Natural Oils Co. Inc., Greenleaf Extractions Pvt Ltd., Biolandes, The Lebermuth Company, doTerra, Synthite Industries Ltd., Bio Extracts (Pvt) Ltd., Aksuvital, Shaanxi Guanjie Technology Co., Natures Natural India, and Young Living Essential Oils LC will remain active in expansion of global argan oil market through 2022.
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